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OXY

Occidental Petroleum

$73.03

0.38 (0.52%)

10:31
10/05/16
10/05
10:31
10/05/16
10:31

EPA secures $165M agreement with Occidental Chemical for Passaic River work

The U.S. Environmental Protection Agency announced a legal agreement with Occidental Chemical Corporation, one of more than 100 parties identified as potentially responsible for contamination of the lower Passaic River, to perform engineering and design work needed to begin the cleanup of the lower 8.3 miles of the lower Passaic River. This work, which includes sampling, evaluating technologies, and doing the engineering work necessary before physical cleanup work can begin, will be done under EPA oversight. Occidental Chemical Corporation will also pay for the EPA's oversight costs. The EPA will pursue additional agreements with all of the more than 100 parties legally responsible for the contamination to ensure that the cleanup work in the lower 8.3 miles will be carried out and paid for by those responsible for the pollution as required by the Superfund law. "This agreement is a milestone in getting the Passaic River cleaned up. It is an example of how Superfund is designed to work - those responsible for the contamination pay for the work, rather than taxpayers," said Judith A. Enck, EPA Regional Administrator. "Occidental has agreed to spend $165M to do this work and in doing so is moving us a lot closer to a restored Passaic River. The EPA will work to secure similar agreements with the other parties that polluted the Passaic River and have the legal responsibility to pay for the cleanup." Under the legal settlement, Occidental Chemical Corporation will: Develop an overall project management plan to get all work needed prior to and during the cleanup done on a prescribed schedule; Submit to EPA a design plan that includes work plans and technical approaches for implementing all design activities; Submit field sampling and quality assurance plans for EPA approval, including a plan to collect and analyze sediment samples for the purposes of designing the dredging plan and the engineered cap; Develop a plan for dredged material disposal; Submit a site-wide plan to monitor water and air quality throughout the life of the cleanup project; Identify and select a site or sites for the sediment processing facility, with public input; Perform studies to evaluate enhanced capping technologies.

OXY Occidental Petroleum
$73.03

0.38 (0.52%)

06/13/16
MSCO
06/13/16
NO CHANGE
MSCO
US E&P Sector upgraded to Attractive from In-Line at Morgan Stanley
Morgan Stanley analysts led by Evan Calio upgraded the US E&P Sector to Attractive following an increase in long-term oil price forecasts to $80 from $60 for Brent and WTI to $77 from $57. The analyst said E&P's, despite recent strength, have significant relative upside in a sector recovery over the next several years. Calio said many investors have been waiting for a sector pullback to add to energy exposure or cover shorts, and remain largely underweight energy. Given recent production outages, the analyst sees a potential 2H 2016 pullback, but believes a long-term recovery is a bigger and higher conviction event. As part of the sector change, Calio upgraded Concho Resources (CXO) and Cenovus Energy (CVE) to Overweight from Equal Weight and downgraded Occidental Petroleum (OXY) to Equal Weight from Overweight.
07/07/16
RAJA
07/07/16
DOWNGRADE
Target $85
RAJA
Outperform
Occidental Petroleum downgraded to Outperform from Strong Buy at Raymond James
Raymond James analyst Pavel Molchanov downgraded Occidental Petroleum (OXY) to Outperform and keeps an $85 price target for the shares. The analyst coupled the downgrade with an upgrade of Marathon Oil (MRO) to Strong Buy.
08/05/16
DBAB
08/05/16
DOWNGRADE
Target $79
DBAB
Hold
Occidental Petroleum downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Ryan Todd downgraded Occidental Petroleum (OXY) to Hold saying he sees limited drivers of outperformance from current share levels. Moderate crude leverage to a recovery and a dividend/funding gap leaves little available cash flow to accelerate activity, Todd tells investors in a research note. The analyst has a $79 price target for Occidental. He coupled the downgrade with an upgrade of EOG Resources (EOG) to Buy.
09/12/16
JPMS
09/12/16
DOWNGRADE
Target $78
JPMS
Underweight
Occidental Petroleum downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Phil Gresh downgraded Occidental Petroleum (OXY( to Underweight saying the valuation is stretched. The stock at current levels fully reflects the company's growth and balance sheet benefits, Gresh tells investors in a research note. He upped his price target for the shares to $78 from $77. Gresh this morning also upgraded ConocoPhillips (COP) to Overweight.

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